In spring 1900, proposals for a ‘reorganisation’ of the football club were published in the West Ham Guardian newspaper, followed by details of a share offer which would fund the new club.
Hills offered four thousand, ten-shilling (50p) shares in the new public limited company, whose headquarters were based at 55 Barking Road, Canning Town. The philanthropic businessman also offered the use of the Memorial Grounds in Plaistow - the stadium he build for the club in 1896 - for a nominal rent.
Anticipating the share offer would be under-subscribed, Hills promised to match the sale by buying one for himself for every other share purchased, while any fan who bought ten shares was promised a position on the Board of Directors.
It was hoped that at least 2,000 supporters would buy shares but even the ten-shilling price was out of the reach of many local people.
Regardless, the reorganisation went ahead and Thames Ironworks FC was wound up and resigned from the Southern League in June 1900.
A new club, West Ham United, was formed almost immediately and incorporated as a company on 5 July 1900.
The minutes of West Ham United’s first Board meeting, held four days later at 55 Barking Road, reveal that the pioneering board of directors who would supervise the fledgling football club were A. Brown, J.W. Cearns, G.C. Fundell, G.C. Handley, G.J. Hone and C.E. Osborn (Chairman).